Personal Finance - Virginia's CTE Resource Center · 2020. 6. 29. · 3 . Template material omitted: General material used to introduce the task list has been omitted. For the indicated

Personal Finance 6121 18 weeks

Instructional Framework for Business and Information Technology

Acknowledgments The components of this instructional framework were developed by the following business panel team members:

Amanda Blanks, Investor Education Coordinator, Division of Securities and Retail Franchising, State Corporation Commission, Richmond Cherry Hedges, Financial Education Director, Virginia Credit Union, Chesterfield County Jeffrey Leopold, Associate Director, Darden School of Business, University of Virginia, Charlottesville Melissa McCollum, Principal Financial Analyst, Bureau of Financial Institutions, State Corporation Commission, Richmond Kris Moore, Youth Financial Educator, Bayport Credit Union, Newport News Dan Mortensen, Executive Director, Virginia Council on Economic Education, Richmond Kristina Preisner, Director of Education and Executive Director, Independent Insurance Agents of Virginia, Richmond Melanie Randall, Certified Public Accountant, McKinney & Company, Ashland Marion Rowe, Vice President, Essex Bank, Tappahannock Rob Shinn, Public Relations and Government Affairs, Capital Results, Richmond Jane Watkins, President/CEO, Virginia Credit Union, Chesterfield County Elizabeth Wiese, Marketing/Business Development Officer, Virginia Educators Credit Union, Newport News

The following teachers served on the teacher writing team:

Suzanne Campbell, King William High School, King William County Public Schools Joyce Culley, Galileo Magnet High School, Danville Public Schools Daniel Dolewski, Fort Chiswell High School, Wythe County Public Schools Janice Findley, Chantilly High School, Fairfax County Public Schools Nicole Glover, Vernon Johns Junior High School, Petersburg City Public Schools Andrew Huray, Cave Spring High School, Roanoke County Public Schools Courtney Moseley, Greensville County High School, Greensville County Public Schools Joy Munsey, Holston High School, Washington County Public Schools Michael Onda, James Wood High School, Frederick County Public Schools

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Dana Painter, Riverheads High School, Augusta County Public Schools Tiffanie Smith, Heritage High School, Newport News City Public Schools Jamyce Watson, Nottoway High School, Nottoway County Public Schools

The framework was edited and produced by the CTE Resource Center:

Kevin P. Reilly, Administrative Coordinator

Judith P. Sams, Specialist, Business and Information Technology and Related Clusters Office of Career and Technical Education Services

Virginia Department of Education

B. Anne Rowe, CTE Career Cluster Coordinator Office of Career and Technical Education Services


Lolita B. Hall, Director Office of Career and Technical Education Services


Copyright © 2015

Course Description Suggested Grade Level: 10 or 11 or 12 Prerequisites:

Students learn how to navigate the financial decisions they must face and to make informed decisions related to career exploration, budgeting, banking, credit, insurance, financing postsecondary education, spending, taxes, saving, investing, buying/leasing a vehicle, living independently, and inheritance. Development of financial literacy skills and an understanding of economic principles will provide the basis for responsible citizenship and career success.

Note: As enacted by the General Assembly of 2011 and prescribed by the Board of Education, beginning with students who enter the ninth-grade class of 2011-2012 and beyond, students shall earn one (1) standard credit in Economics and Personal Finance in fulfillment of the graduation requirement for the Standard and Advanced Studies diplomas. The one-half (1/2) standard credit earned for the Finance course (6121) coupled with ½ credit in economics from History and Social Studies may count as the one credit required for graduation provided all the Economics and Personal Finance Standards of Learning are included in the instruction of the two courses.

Task/Competency List

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Template material omitted: General material used to introduce the task list has been omitted.

For the indicated course(s):

• Tasks/competencies designated by plus icons ( ) in the left-hand column(s) are essential • Tasks/competencies designated by empty-circle icons ( ) are optional • Tasks/competencies designated by minus icons ( ) are omitted • Tasks marked with an asterisk (*) are sensitive.

Task Number

6121 Tasks/Competencies

Developing Consumer Skills

001

Examine basic economic concepts and their relation to product prices and consumer spending.

002

Examine the effect of supply and demand on wages and prices.

003

Describe the steps for making a purchase decision.

004

Describe common types of contracts and the implications of each.

005

Demonstrate comparison-shopping skills.

006

Maintain a filing system for personal financial records.

007

Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.

008

Access reliable financial information from a variety of sources.

009

Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.

010

Examine precautions for protecting identity and other personal information.

011

Interact effectively with salespersons and merchants.

012

Describe consumer protection regulations.

013

Describe the role of consumer assistance agencies.

Demonstrating Knowledge of Planning for Living and Leisure Expenses

014

Compare the costs and benefits of purchasing vs. leasing a vehicle.

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015

Compare the advantages and disadvantages of renting vs. purchasing a home.

016

Describe the process of renting housing.

017

Describe the process of purchasing a home.

018

Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.

019

Evaluate discretionary spending decisions.

Demonstrating Knowledge of Banking Transactions

020

Describe the types of financial institutions.

021

Examine how financial institutions affect personal financial planning.

022

Evaluate services and related costs associated with personal banking.

023

Differentiate among types and regulations of electronic monetary transactions.

024

Prepare all forms necessary for opening and maintaining a checking and a savings account.

025

Reconcile bank statements.

026

Compare costs and benefits of online, mobile, and traditional banking.

027

Explain how certain historical events have influenced the banking system and other financial institutions.

028

Compare the U.S. monetary system with the international monetary system.

Demonstrating Knowledge of Credit and Loan Functions

029

Evaluate the various methods of financing a purchase.

030

Analyze credit card features and their impact on personal financial planning.

031

Identify qualifications needed to obtain credit.

032

Identify basic provisions of credit and loan laws.

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033

Compare terms and conditions of various sources of consumer credit.

034

Identify strategies for effective debt management, including sources of assistance.

035

Explain credit rating and credit report.

036

Compare the costs and conditions of secured and unsecured loans.

037

Compare the types of voluntary and involuntary bankruptcy and the implications of each.

038

Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.

039

Complete a sample credit application.

Demonstrating Knowledge of the Role of Insurance in Risk Management

040

Evaluate insurance as a risk-management strategy.

041

Distinguish among the types, costs, and benefits of automobile insurance coverage.

042

Distinguish among the types, costs, and benefits of life insurance.

043

Distinguish among the types, costs, and benefits of property insurance.

044

Distinguish among the types, costs, and benefits of health insurance.

045

Explain the roles of insurance in financial planning.

046

Distinguish among the types of professional liability insurance.

Demonstrating Knowledge of Income Earning and Reporting

047

Examine how personal choices about education, training, skill development, and careers impact earnings.

048

Differentiate among sources of income.

049

Calculate net pay.

050

Investigate employee benefits and incentives.

051

Complete standard federal employment tax forms.

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Demonstrating Knowledge of Taxes

052

Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.

053

Explore how tax structures affect consumers, producers, and business owners differently.

054

Compute local taxes on products and services.

055

Examine potential tax deductions and credits on a tax return.

056

Explain the content and purpose of a standard W-2 and 1099 form.

057

Explain the similarities and differences between state and federal taxation of inheritances.

058

Define the terminology associated with inheritance.

059

Compare investment options for a monetary inheritance.

060

Examine types and purposes of estate planning.

061

Complete a state income tax form, including electronic formats.

062

Complete short and itemized federal income tax forms, including electronic formats.

Demonstrating Knowledge of Personal Financial Planning

063

Identify short-term and long-term personal financial goals.

064

Identify anticipated and unanticipated income and expenses.

065

Examine components and purposes of a personal net worth statement.

066

Develop a personal budget.

067

Investigate the effects of government actions and economic conditions on personal financial planning.

068

Explain how economics influences a personal financial plan.

Demonstrating Knowledge of Investment and Savings Planning

069

Compare the impact of simple interest vs. compound interest on savings.

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070

Compare investment and savings options.

071

Explain costs and income sources for investments.

072

Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.

073

Contrast alternative retirement plans.

074

Explore how the stock and bond markets work.

Financing Education after High School

075

Identify sources of financial aid.

076

Examine types of student loans.

077

Explain the repayment process for student loans.

078

Describe types of student grants.

079

Describe types of scholarships.

080

Describe investment options to pay for college costs.

081

Identify ways to make the cost of postsecondary education affordable.

Preparing for Industry Certification

082

Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.

083

Identify testing skills/strategies for a certification examination.

084

Demonstrate the ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).

085

Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).

Developing Career Exploration and Employability Skills

086

Investigate career opportunities.

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087

Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.

088

Prepare a professional portfolio.

089

Research a company in preparation for a job interview.

090

Participate in mock interviews to refine interviewing techniques.

091

Prepare employment-related correspondence.

Legend: Essential Non-essential Omitted

Developing Consumer Skills

Task Number 001

Examine basic economic concepts and their relation to product prices and consumer spending.

Definition

Examination should include analyzing the impact of scarcity, choice, opportunity cost, trade-offs, costs, benefits, supply and demand, competition, specialization, and interdependence.

Related Standards of Learning

History and Social Science

GOVT.1

The student will demonstrate skills for historical thinking, geographical analysis, economic decision making, and responsible citizenship by

a. planning inquiries by synthesizing information from diverse primary and secondary sources;

b. analyzing how political and economic trends influence public policy, using demographic information and other data sources;

c. comparing and contrasting historical, cultural, economic, and political perspectives;

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d. evaluating critically the quality, accuracy, and validity of information to determine misconceptions, fact and opinion, and bias;

e. constructing informed, analytic arguments using evidence from multiple sources to introduce and support substantive and significant claims;

f. explaining how cause-and-effect relationships impact political and economic events;

g. taking knowledgeable, constructive action, individually and collaboratively, to address school, community, local, state, national, and global issues;

h. using a decision-making model to analyze the costs and benefits of a specific choice, considering incentives and possible consequences;

i. applying civic virtues and democratic principles to make collaborative decisions; and

j. communicating conclusions orally and in writing to a wide range of audiences, using evidence from multiple sources and citing specific sources.

Mathematics

A.9 The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions. AII.9 The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.

Economics and Personal Finance Standards of Learning

EPF.10 The student will develop consumer skills by

a. examining basic economic concepts and their relation to product prices and consumer spending;

b. examining the effect of supply and demand on wages and prices; c. describing the steps in making a purchase decision, including the roles of

marginal benefit and marginal cost; d. determining the consequences of conspicuous consumption; e. describing common types of contracts and the implications of each; f. demonstrating comparison-shopping skills; g. maintaining a filing system for personal financial records; h. examining the impact of advertising and marketing on consumer demand and

decision making in the global marketplace; i. accessing reliable financial information from a variety of sources; j. explaining consumer rights, responsibilities, remedies, and the importance of

consumer vigilance; and k. examining precautions for protecting identity and other personal information.

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FBLA Competitive Events and Activities Areas

Business Financial Plan Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Personal Finance

Task Number 002

Examine the effect of supply and demand on wages and prices.

Definition

Examination should include

• analysis of the impact of supply and demand on the value of a worker’s skills in the marketplace

• analysis of the impact of supply and demand on prices for goods and services in the marketplace.



GOVT.1






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Business Financial Plan Economics Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Personal Finance

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Task Number 003

Describe the steps for making a purchase decision.

Definition

Description should include the following steps and the use of mathematical skills and a decision-making model (e.g., PACED), as appropriate:

• Researching prices of commonly purchased items • Using comparative shopping • Weighing the pros and cons of sales incentives, guarantees, warranties, and rebates • Understanding sales terminology • Avoiding impulse buying • Planning purchases • Computing unit prices • Reading labels • Reading contracts • Computing total costs • Checking references of businesses • Selecting reputable businesses • Examining the roles of marginal benefit and marginal cost


English

10.5 The student will read, interpret, analyze, and evaluate nonfiction texts.

a. Analyze text features and organizational patterns to evaluate the meaning of texts.

b. Recognize an author’s intended audience and purpose for writing. c. Skim materials to develop an overview and locate information. d. Compare and contrast informational texts for intent and content. e. Interpret and use data and information in maps, charts, graphs, timelines, tables,

and diagrams. f. Draw conclusions and make inferences on explicit and implied information

using textual support as evidence. g. Analyze and synthesize information in order to solve problems, answer

questions, and generate new knowledge. h. Analyze ideas within and between selections providing textual evidence.

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i. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a logical sequence of events, within and between texts.

j. Use reading strategies throughout the reading process to monitor comprehension.

11.5 The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.

a. Apply information from texts to clarify understanding of concepts. b. Read and correctly interpret an application for employment, workplace

documents, or an application for college admission. c. Analyze technical writing for clarity. d. Paraphrase and synthesize ideas within and between texts. e. Draw conclusions and make inferences on explicit and implied information

using textual support. f. Analyze multiple texts addressing the same topic to determine how authors

reach similar or different conclusions. g. Analyze false premises, claims, counterclaims, and other evidence in

persuasive writing. h. Recognize and analyze use of ambiguity, contradiction, paradox, irony,

sarcasm, overstatement, and understatement in text. i. Generate and respond logically to literal, inferential, evaluative, synthesizing,

and critical thinking questions about the text(s).

12.5 The student will read, interpret, analyze, and evaluate a variety of nonfiction texts.

a. Use critical thinking to generate and respond logically to literal, inferential, and evaluative questions about the text(s).

b. Identify and synthesize resources to make decisions, complete tasks, and solve specific problems.

c. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.

d. Recognize and analyze use of ambiguity, contradiction, paradox, irony, overstatement, and understatement in text.

e. Analyze false premises claims, counterclaims, and other evidence in persuasive writing.

Mathematics

A.7 The student will investigate and analyze function (linear and quadratic) families and their characteristics both algebraically and graphically, including

a. determining whether a relation is a function;

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b. domain and range; c. zeros of a function; d. x- and y-intercepts; e. finding the values of a function for elements in its domain; and f. making connections between and among multiple representations of functions

including concrete, verbal, numeric, graphic, and algebraic.










Business Financial Plan Economics Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.

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Introduction to Business Personal Finance

Task Number 004

Describe common types of contracts and the implications of each.

Definition

Description should include types of contracts such as movie rentals, property rentals, and cellphone agreements, as well as online contracts (e.g., for networking space, cellphone ringtones, games). It should also include related concepts such as the three-day rescission period, the circumstances requiring co-signatures for loans, and the legal ramifications of adults (e.g., roommates) sharing financial responsibilities involving a contract.


English






questions, and generate new knowledge. h. Analyze ideas within and between selections providing textual evidence. i. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a

logical sequence of events, within and between texts. j. Use reading strategies throughout the reading process to monitor

comprehension.

10.6

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The student will write in a variety of forms to include persuasive, reflective, interpretive, and analytic with an emphasis on persuasion and analysis.

a. Engage in writing as a recursive process. b. Plan and organize writing to address a specific audience and purpose. c. Adjust writing content, technique, and voice for a variety of audiences and

purposes. d. Communicate clearly the purpose of the writing using a thesis statement. e. Objectively introduce and develop topics, incorporating evidence and

maintaining an organized structure and a formal style. f. Compose a thesis statement for persuasive writing that advocates a position. g. Clearly state and defend a position using reasons and sufficient evidence from

credible sources as support. h. Identify counterclaims and provide counter - arguments. i. Show relationships among claims, reasons, and evidence and include a

conclusion that follows logically from the information presented. j. Blend multiple forms of writing including embedding a narrative to produce

effective essays. k. Elaborate ideas clearly through word choice. l. Use textual evidence to compare and contrast multiple texts. m. Revise writing for clarity of content, accuracy, and depth of information. n. Write and revise to a standard acceptable both in the workplace and in

postsecondary education.

10.7 The student will self- and peer-edit writing for capitalization, punctuation, spelling, sentence structure, paragraphing, and Standard English.

a. Use parallel structure across sentences and paragraphs. b. Use complex sentence structure to infuse sentence variety in writing. c. Distinguish between active and passive voice. d. Use colons correctly. e. Analyze the writing of others and suggest how writing might be improved.




using textual support.

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f. Analyze multiple texts addressing the same topic to determine how authors reach similar or different conclusions.

g. Analyze false premises, claims, counterclaims, and other evidence in persuasive writing.

h. Recognize and analyze use of ambiguity, contradiction, paradox, irony, sarcasm, overstatement, and understatement in text.

i. Generate and respond logically to literal, inferential, evaluative, synthesizing, and critical thinking questions about the text(s).

11.6 The student will write in a variety of forms, to include persuasive/argumentative, reflective, interpretive, and analytic with an emphasis on persuasion/argumentation.

a. Apply components of a recursive writing process for multiple purposes to create a focused, organized, and coherent piece of writing to address a specific audience and purpose.

b. Produce arguments in writing developing a thesis that demonstrates knowledgeable judgments, addresses counterclaims, and provides effective conclusions.

c. Organize claims, counterclaims, and evidence in a sustained and logical sequence.

d. Adapt evidence, vocabulary, voice, and tone to audience, purpose, and situation.

e. Use words, phrases, clauses, and varied syntax to create a cohesive argument. f. Blend multiple forms of writing including embedding narratives to produce

effective essays. g. Revise writing for clarity of content, accuracy and depth of information. h. Write and revise to a standard acceptable both in the workplace and in



a. Use complex sentence structure to infuse sentence variety in writing. b. Use verbals and verbal phrases correctly to achieve sentence conciseness and

variety. c. Distinguish between active and passive voice.




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12.6 The student will write in a variety of forms to include persuasive/argumentative reflective, interpretive, and analytic with an emphasis on persuasion/argumentation.


b. Produce arguments in writing that develop a thesis to demonstrate knowledgeable judgments, address counterclaims, and provide effective conclusions.

c. Use a variety of rhetorical strategies to clarify and defend a position organizing claims, counterclaims, and evidence in a sustained and logical sequence.

d. Blend multiple forms of writing including embedding a narrative to produce effective essays.

e. Adapt evidence, vocabulary, voice, and tone to audience, purpose, and situation.

f. Use words, phrases, clauses, and varied syntax to connect all parts of the argument creating cohesion from the information presented.

g. Revise writing for clarity of content, depth of information, and technique of presentation.

h. Write and revise to a standard acceptable both in the workplace and in postsecondary education.

i. Write to clearly describe personal qualifications for potential occupational or educational opportunities.

12.7 The student will self- and peer-edit writing for Standard English.

a. Use complex sentence structure to infuse sentence variety in writing. b. Edit, proofread, and prepare writing for intended audience and purpose. c. Use a style manual, such as that of the Modern Language Association (MLA)

or the American Psychological Association (APA), to apply rules for punctuation and formatting of direct quotations.


GOVT.1

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Business Financial Plan Business Law Economics Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Personal Finance

Task Number 005

Demonstrate comparison-shopping skills.

Definition

Demonstration of comparison-shopping skills should emphasize the importance of obtaining the best quality for the best price. Comparison-shopping for a given product or service should involve considerations such as

• value • time • convenience • dollar cost • payment options • negotiation of prices and terms • the consequences of conspicuous consumption • opportunity cost • costs and benefits.


English



b. Recognize an author’s intended audience and purpose for writing.

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c. Skim materials to develop an overview and locate information. d. Compare and contrast informational texts for intent and content. e. Interpret and use data and information in maps, charts, graphs, timelines, tables,





comprehension.














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Business Financial Plan Economics Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Personal Finance

Task Number 006

Maintain a filing system for personal financial records.

Definition

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Maintenance of a filing system should include

• setting up manual and electronic filing systems representing a variety of access criteria (e.g., numerical, chronological, tickler files)

• indexing, coding, and filing manual and electronic financial records, using numerical, chronological, and/or tickler filing systems

• retrieving information from files.









Business Financial Plan Personal Finance

Task Number 007

Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.

Definition

24

Examination should include a comparison of global advertising and marketing strategies commonly used to sell goods and services (e.g., mass media, direct mail, point of sale). Strategies should represent all elements of the marketing mix, including

• product decisions (e.g., quantity, packaging, branding, physical features) • pricing decisions (e.g., quality of item, expendable income of target market, competitors'

prices) • place decisions (e.g., target market, product image, product price) • promotional decisions (e.g., advertising and public relations).

Examination should also address the impacts of marketing strategies on consumer decisions, with emphasis on advertising features that may be informative and features that may be misleading (e.g., infomercials, celebrity endorsements).



GOVT.1













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Business Financial Plan Business Plan Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Future Business Leader Global Business The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Marketing The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Personal Finance

Task Number 008

26

Access reliable financial information from a variety of sources.

Definition

Accessing financial information should include gathering reliable data from print, electronic, and verbal sources, such as

• financial publications (e.g., newspapers, magazines, Internet, apps) • investor services and newsletters • brokers • financial institutions (e.g., banks, credit unions) • financial advisers • annual reports.


English








comprehension.


a. Apply information from texts to clarify understanding of concepts.

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b. Read and correctly interpret an application for employment, workplace documents, or an application for college admission.

c. Analyze technical writing for clarity. d. Paraphrase and synthesize ideas within and between texts. e. Draw conclusions and make inferences on explicit and implied information

















decision making in the global marketplace; i. accessing reliable financial information from a variety of sources;

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j. explaining consumer rights, responsibilities, remedies, and the importance of consumer vigilance; and

k. examining precautions for protecting identity and other personal information.


Accounting I Accounting II Banking and Financial Systems Business Financial Plan Business Plan Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Marketing The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook.

Task Number 009

Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.

Definition

Explanation should include basic rights of consumers, including

• the right to be informed • the right to be safe • the right to choose • the right to be heard • avenues for redress of consumer grievances (e.g., state and federal agencies, consumer

protection laws, private groups such as Common Cause, Better Business Bureau).

Consumer responsibilities should include

• verifying receipts and statements

29

• contesting an incorrect bill • maintaining consumer vigilance • safeguarding against fraud • practicing conservation and recycling habits • donating to charitable organizations.

Remedies should include

• maintaining awareness of the rights and responsibilities of minors (especially in relation to contracts)

• contesting an incorrect bill • registering a consumer complaint (including legal action, if appropriate).


English








comprehension.



documents, or an application for college admission. c. Analyze technical writing for clarity. d. Paraphrase and synthesize ideas within and between texts.

30

e. Draw conclusions and make inferences on explicit and implied information using textual support.












GOVT.1









31




GOVT.9

The student will apply social science skills to understand the process by which public policy is made by

a. defining public policy and determining how to differentiate public and private action;

b. examining different perspectives on the role of government; c. describing how the national government influences the public agenda and

shapes public policy by examining examples such as the Equal Rights Amendment, the Americans with Disabilities Act (ADA), and Section 9524 of the Elementary and Secondary Education Act (ESEA) of 1965;

d. describing how the state and local governments influence the public agenda and shape public policy;

e. investigating and evaluating the process by which policy is implemented by the bureaucracy at each level;

f. analyzing how the incentives of individuals, interest groups, and the media influence public policy; and

g. devising a course of action to address local and/or state issues.







consumer vigilance; and

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k. examining precautions for protecting identity and other personal information.


Business Financial Plan Business Law Business Plan Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Global Business The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Marketing The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Personal Finance

Task Number 010

Examine precautions for protecting identity and other personal information.

Definition


• investigation of common types of identity theft • identifying ways to avoid becoming a victim • identifying methods of dealing with identity theft and credit fraud.


English


33







comprehension.

10.8 The student will find, evaluate, and select credible resources to create a research product.

a. Verify the accuracy, validity, and usefulness of information. b. Analyze information gathered from diverse sources by identifying

misconceptions, main and supporting ideas, conflicting information, and point of view or bias.

c. Evaluate and select evidence from a variety of sources to introduce counter claims and to support claims.

d. Cite sources for both quoted and paraphrased ideas using a standard method of documentation, such as that of the Modern Language Association (MLA) or the American Psychological Association (APA).

e. Define the meaning and consequences of plagiarism and follow ethical and legal guidelines for gathering and using information.

f. Demonstrate ethical use of the Internet.





reach similar or different conclusions.

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11.8 The student will analyze, evaluate, synthesize, and organize information from a variety of credible resources to produce a research product.

a. Critically evaluate quality, accuracy, and validity of information. b. Make sense of information gathered from diverse sources by identifying

misconceptions, main and supporting ideas, conflicting information, point of view or bias.

c. Synthesize relevant information from primary and secondary sources and present it in a logical sequence.











a. Frame, analyze, and synthesize information to solve problems, answer questions, and generate new knowledge.

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b. Analyze information gathered from diverse sources by identifying misconceptions, main and supporting ideas, conflicting information, point of view, or bias.

c. Critically evaluate the accuracy, quality, and validity of the information. d. Cite sources for both quoted and paraphrased ideas using a standard method of

documentation, such as that of the Modern Language Association (MLA) or the American Psychological Association (APA).











Introduction to Business Personal Finance

Task Number 011

Interact effectively with salespersons and merchants.

Definition

36

Interaction should include

• evaluation of sales incentives • application of comparison shopping techniques • negotiation of prices/terms • settlement of a billing dispute.



GOVT.1













Business Financial Plan Client Service The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Economics

37

Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Help Desk Introduction to Business Marketing The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Personal Finance

Task Number 012

Describe consumer protection regulations.

Definition

Description should include

• the purposes of consumer protection laws • examples of consumer protection laws, such as those related to product recalls and

product labeling.


English







38


















GOVT.1


39











GOVT.9











40







Business Financial Plan Client Service The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Economics Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Help Desk Introduction to Business Marketing The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Personal Finance

Task Number 013

Describe the role of consumer assistance agencies.

Definition

41


• examples of government agencies responsible for enforcing consumer protection laws • examples of private groups that work for consumer protection.



GOVT.1












GOVT.9




shapes public policy by examining examples such as the Equal Rights

42

Amendment, the Americans with Disabilities Act (ADA), and Section 9524 of the Elementary and Secondary Education Act (ESEA) of 1965;













Business Law Client Service The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Economics Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Help Desk Introduction to Business

43

Personal Finance

Demonstrating Knowledge of Planning for Living and Leisure Expenses

Task Number 014

Compare the costs and benefits of purchasing vs. leasing a vehicle.

Definition

Comparison should include the steps for buying a new or used car and leasing a new car, along with the associated costs and benefits. Comparison should also include evaluating costs, including purchase or leasing price, taxes, fuel, repairs, maintenance, and insurance, and other incidental costs, as applicable, and credit pre-approval. Research should include both subjective resources (e.g., advertisements) and objective resources (e.g., applicable statistics).


English





using textual support as evidence.

44

g. Analyze and synthesize information in order to solve problems, answer questions, and generate new knowledge.

h. Analyze ideas within and between selections providing textual evidence. i. Summarize, paraphrase, and synthesize ideas, while maintaining meaning and a


comprehension.
















11.8

45

The student will analyze, evaluate, synthesize, and organize information from a variety of credible resources to produce a research product.




















46


EPF.11 The student will demonstrate knowledge of planning for living and leisure expenses by

a. comparing the costs and benefits of purchasing vs. leasing a vehicle; b. comparing the advantages and disadvantages of renting vs. purchasing a home; c. describing the process of renting housing; d. describing the process of purchasing a home; e. calculating the cost of utilities, services, maintenance, and other housing

expenses; and f. evaluating discretionary spending decisions.


Accounting II Banking and Financial Systems Business Calculations Business Math Economics Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Personal Finance

Task Number 015

Compare the advantages and disadvantages of renting vs. purchasing a home.

Definition

Comparison should include

• initial capital outlay

47

• mobility • maintenance expenses • investment potential (equity) • tax responsibilities • relative costs (mortgage vs. rental agreement) • utilities


English








comprehension.






persuasive writing.

48









Mathematics

A.4 The student will solve

a. multistep linear and quadratic equations in one variables algebraically; b. quadratic equations in one variables algebraically; c. literal equations for a specified variable; d. systems of two linear equations in two variables algebraically and graphically;

and e. practical problems involving equations and systems of equations.




a. comparing the costs and benefits of purchasing vs. leasing a vehicle;

49

b. comparing the advantages and disadvantages of renting vs. purchasing a home; c. describing the process of renting housing; d. describing the process of purchasing a home; e. calculating the cost of utilities, services, maintenance, and other housing



Business Calculations Business Math Economics Introduction to Business Personal Finance

Task Number 016

Describe the process of renting housing.

Definition

Description should include examination of available residential rental property and the following considerations:

• Advantages and disadvantages of each rental housing alternative • Rental applications and agreements (including interpretation of the provisions of a

residential lease agreement) • Rental inspections • Landlord and tenant responsibilities • Estimated moving expenses and installation charges • Steps in the rental process • Renters insurance


English


50







comprehension.













51









Task Number 017

Describe the process of purchasing a home.

Definition

Description should include identifying key steps in the purchase process:

• Selecting and inspecting the property • Signing a contract • Securing a down payment • Financing the home (e.g., securing a mortgage) • Identifying other costs associated with home purchase and ownership

52

• Homeowners insurance







Task Number 018

Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.

Definition

Calculation should include

• utility and related expenses (e.g., installation, deposit, taxes, maintenance, and repairs related to electricity, gas, oil, water, cable, Internet, and telephone)

• furniture and appliances (e.g., costs of purchased vs. rental items; hidden costs of “free” items acquired from relatives or friends, such as cleaning/painting, upholstering, transporting, repairing, installing, upgrading plumbing and electrical services, and maintaining without a warranty)

53

• property insurance (renters/homeowners) • other expenses, such as painting, carpet cleaning/repair, plumbing, basic home linen,

equipment, and supplies.


Mathematics

A.7 The student will investigate and analyze function (linear and quadratic) families and their characteristics both algebraically and graphically, including

a. determining whether a relation is a function; b. domain and range; c. zeros of a function; d. x- and y-intercepts; e. finding the values of a function for elements in its domain; and f. making connections between and among multiple representations of functions

including concrete, verbal, numeric, graphic, and algebraic.







54

Task Number 019

Evaluate discretionary spending decisions.

Definition

Evaluation should include decisions about spending for things such as entertainment, recreational activities, dining out, clothing, charitable donations, and vacations.







Demonstrating Knowledge of Banking Transactions

55

Task Number 020

Describe the types of financial institutions.

Definition

Description should include credit unions and insuring agencies, commercial banks and insuring agencies, finance companies, savings and loan companies and insuring agencies, online-only financial institutions, and nonbank institutions (e.g., check-cashing services, payday loan services, title lenders, open-end lines of credit).


English













56











EPF.12 The student will demonstrate knowledge of banking transactions by

a. comparing the types of financial institutions; b. examining how financial institutions affect personal financial planning; c. evaluating services and related costs associated with personal banking; d. differentiating among types of electronic monetary transactions; e. preparing all forms necessary for opening and maintaining a checking and a

savings account; f. reconciling bank statements; g. comparing costs and benefits of online and traditional banking; and h. explaining how certain historical events have influenced the banking system

and other financial institutions.


Accounting I Accounting II Banking and Financial Systems Economics

57

Entrepreneurship The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Personal Finance

Task Number 021

Examine how financial institutions affect personal financial planning.

Definition

Examination should include an analysis of the impact of each of the following practices:

• Banks often offer their depositors discount brokerage services. • Credit unions and brokerage services may offer checking services to their customers. • Financial institutions serve communities by employing people, lending money to build

homes and start new businesses, and otherwise helping to improve quality of life. Individuals, as well as entire communities, may prosper partly as a result of the collective services offered by a variety of financial institutions.

Examination should also include the concept of the circular flow of money, as well as factors such as discount rate, federal open market, and interest rates. (Note to teacher: See www.newyorkfed.org for information.)


English




and diagrams.

http://www.newyorkfed.org/

58

f. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.




comprehension.
















59






Banking and Financial Systems Economics Introduction to Business Personal Finance

Task Number 022

Evaluate services and related costs associated with personal banking.

Definition

Evaluation should include use of a decision-making model to compare services and costs provided by financial institutions, such as checking and savings accounts and associated interest rates, CDs, money market accounts, loans and trusts, money orders, safe deposit boxes, discount brokerage services, automated teller machines (ATMs), bank credit cards, customer relations, fees (e.g., overdraft, monthly maintenance, stop-payment), and disclosure statements.


English

10.5

60

The student will read, interpret, analyze, and evaluate nonfiction texts.







comprehension.









Mathematics

A.9 The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions. AII.9

61

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.








Task Number 023

Differentiate among types and regulations of electronic monetary transactions.

Definition

Differentiation should include direct deposit, check cards and debit cards, ATM banking, online and mobile banking and bill-paying, online investing, wiring of funds, Automated Clearing House (ACH), the legal ramifications of Check 21, and government banking regulations (e.g., Regulations D, G, and Z).

62


English








comprehension.










63












Accounting I Accounting II Banking and Financial Systems Economics Introduction to Business Personal Finance

Task Number 024

64

Prepare all forms necessary for opening and maintaining a checking and a savings account.

Definition

Preparation should include

• completing required application documents • presenting approved identification documents • writing/maintaining checks, electronic transactions, stubs, and check register • demonstrating types of endorsements • completing deposit and withdrawal documents.








65

Task Number 025

Reconcile bank statements.

Definition

Reconciling bank statements should include matching checkbook register with the bank statement and online account data. Proper procedures should be followed to locate and correct any identified differences.








Task Number 026

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Compare costs and benefits of online, mobile, and traditional banking.

Definition

Comparison should include cost and benefit considerations, such as

• account fees • convenience • availability • hours • ease of updating transaction records • privacy and security • availability of expert advice and customer service.


English








comprehension.



67




















68


Task Number 027

Explain how certain historical events have influenced the banking system and other financial institutions.

Definition

Explanation should include historical events including the following:

• 1690-1776: Colonial Money and Banking Shift from using European coins, barter, and commodity money to colonies minting coins and issuing paper money backed by land or precious metals; credit provided by merchants and individuals, not banks.

• 1791-1836: Early Central Banking After War of Independence, controversial efforts to create a federal bank to provide credit to government and businesses, and to establish a national currency; First Bank of the United States (1791-1811) and Second Bank of the United States (1816-1836) were created, but each was not re-chartered.

• 1837-1863: Free Banking Era American banking consisted of state-chartered banks without federal regulation (by 1860, an estimated 8,000 state banks issuing own notes); National Banking Act of 1863 ended Free Banking Era by establishing a national banking system and a uniform national currency backed by federal government bonds.

• 1873-1913: Financial Panics and the Creation of the Federal Reserve Country still plagued by bank panics even after a national currency and banking system was established; Federal Reserve System created in 1913 as nation’s central bank to provide a flexible supply of currency to meet changing demand.

• 1929-1941: Great Depression Longest and deepest economic downturn in U.S. history and a collapse of the banking system; banking reform established deposit insurance and created the FDIC and created the modern structure of the Federal Reserve’s monetary policymaking body.

69

• 1965-1982: Great Inflation Persistently high inflation rates caused major U.S. economic disruption; reforms to the Federal Reserve made price stability an explicit national policy goal.

• 1982-2007: Great Moderation Period of low, stable inflation and long economic expansion; financial system changes included consolidation in the banking industry and integration of financial services; technological advances in methods of payments.

• 2007-present: Great Recession and Aftermath Significant economic downturn precipitated by severe financial crisis; subsequent wide-ranging financial reform (Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010) aimed at increasing the stability of the financial system.



GOVT.1












GOVT.9


70








VUS.3

The student will apply social science skills to understand early European colonization by

a. evaluating the economic characteristics of the colonies; b. analyzing how social and political factors impacted the culture of the colonies;

and c. explaining the impact of the development of indentured servitude and slavery

in the colonies.

VUS.4

The student will apply social science skills to understand the issues and events leading to and during the Revolutionary Period by

a. describing the results of the French and Indian War; b. evaluating how political ideas of the Enlightenment helped shape American

politics; c. explaining how conflicting loyalties created political differences among the

colonists concerning separation from Great Britain; d. analyzing the competing factors that led to colonial victory in the

Revolutionary War; and e. evaluating how key principles in the Declaration of Independence grew in

importance to become unifying ideas of American political philosophy.

VUS.5

The student will apply social science skills to understand the development of the American political system by

71

a. examining founding documents to explore the development of American constitutional government, with emphasis on the significance of the Virginia Declaration of Rights and the Virginia Statute for Religious Freedom in the framing of the Bill of Rights;

b. describing the major compromises necessary to produce the Constitution of the United States, with emphasis on the roles of James Madison and George Washington;

c. assessing the arguments of Federalists and Anti-Federalists during the ratification debates in defense of the principles and issues that led to the development of political parties; and

d. evaluating the impact of how John Marshall’s precedent-setting decisions that established the Supreme Court as an independent and equal branch of the national government.

VUS.6

The student will apply social science skills to understand major events in Virginia and United States history during the first half of the nineteenth century by

a. explaining territorial expansion and its impact on the American Indians; b. describing the political results of territorial expansion; c. assessing the political and economic changes that occurred during this period,

with emphasis on James Madison and the War of 1812; d. analyzing the social and cultural changes during the period, with emphasis on

“the age of the common man” (Jacksonian Era); e. evaluating the cultural, economic, and political issues that divided the nation,

including tariffs, slavery, the abolitionist and women’s suffrage movements, and the role of the states in the Union.;

f. explaining how Manifest Destiny and President James K. Polk’s policies impacted the nation; and

g. evaluating and explaining the multiple causes and compromises leading to the Civil War, including the role of the institution of slavery.

VUS.10

The student will apply social science skills to understand key events during the 1920s and 1930s by

a. analyzing how popular culture evolved and challenged traditional values; b. assessing and explaining the economic causes and consequences of the stock

market crash of 1929; c. explaining the causes of the Great Depression and its impact on the American

people; and d. evaluating and explaining how Franklin D. Roosevelt’s New Deal measures

addressed the Great Depression and expanded the government’s role in the economy.

72

VUS.11

The student will apply social science skills to understand World War II by

a. analyzing the causes and events that led to American involvement in the war, including the Japanese attack on Pearl Harbor and the American response;

b. describing and locating the major battles and key leaders of the European theater;

c. describing and locating the major battles and key leaders of the Pacific theater; d. evaluating and explaining how the United States mobilized its economic and

military resources, including the role of all-minority military units (the Tuskegee Airmen and Nisei regiments) and the contributions of media, minorities, and women to the war effort;

e. analyzing the Holocaust (Hitler’s “final solution”), its impact on Jews and other groups, and the postwar trials of war criminals; and

f. evaluating and explaining the treatment of prisoners of war and civilians by the Allied and Axis powers.

VUS.12

The student will apply social science skills to understand the United States’ foreign policy during the Cold War era by

a. locating and explaining the political boundary changes, and the formation of the United Nations and the Marshall Plan;

b. explaining the origins and early development of the Cold War and how it changed American foreign policy, with emphasis on the Truman Doctrine and the policy of containment of communism;

c. analyzing the efforts of the United States to protect Western Europe, including the role of the North Atlantic Treaty Organization (NATO);

d. analyzing the changing role of the United States in Asia, including Korea, Vietnam, and China;

e. evaluating and explaining how policy changes impacted the United States’ relationships in Latin America;

f. analyzing the domestic impact of the Cold War; and g. evaluating and explaining the factors that caused the collapse of communism in

Europe and how it changed American foreign policy, including the role of Ronald Reagan.

VUS.13

The student will apply social science skills to understand the social, political, and cultural movements and changes in the United States during the second half of the twentieth century by

a. explaining the factors that led to United States expansion;

73

b. evaluating and explaining the impact of the Brown v. Board of Education decision, the roles of Thurgood Marshall and Oliver W. Hill, Sr., and how Virginia responded to the decision;

c. explaining how the National Association for the Advancement of Colored People (NAACP), the 1963 March on Washington, the Civil Rights Act of 1964, the Voting Rights Act of 1965, and the Americans with Disabilities Act (ADA) had an impact on all Americans;

d. analyzing changes in immigration policy and the impact of increased immigration;

e. evaluating and explaining the foreign and domestic policies pursued by the American government after the Cold War;

f. explaining how scientific and technological advances altered American lives; and

g. evaluating and explaining the changes that occurred in American culture.

VUS.14

The student will apply social science skills to understand political and social conditions in the United States during the early twenty-first century by

a. assessing the development of and changes in domestic policies, with emphasis on the impact of the role the United States Supreme Court played in defining a constitutional right to privacy, affirming equal rights, and upholding the rule of law;

b. evaluating and explaining the changes in foreign policies and the role of the United States in a world confronted by international terrorism, with emphasis on the American response to 9/11 (September 11, 2001);

c. evaluating the evolving and changing role of government, including its role in the American economy; and

d. explaining scientific and technological changes and evaluating their impact on American culture




savings account; f. reconciling bank statements; g. comparing costs and benefits of online and traditional banking; and

74

h. explaining how certain historical events have influenced the banking system and other financial institutions.


Accounting I Accounting II Banking and Financial Systems Economics Global Business The topic for this event changes from year to year. The annual topic may or may not correlate with this particular course. Please refer to the current Virginia FBLA State Handbook. Introduction to Business Personal Finance

Task Number 028

Compare the U.S. monetary system with the international monetary system.

Definition

Comparison should include the examination of concepts such as

• international currency • foreign exchange market • mediums of exchange • exchange rates.


English


75







comprehension.













76




GOVT.15

The student will apply social science skills to understand the role of government in the Virginia and United States economies by

a. describing the provision of government goods and services that are not readily produced by the market;

b. describing government’s establishment and maintenance of the rules and institutions in which markets operate, including the establishment and enforcement of property rights, contracts, consumer rights, labor-management relations, environmental protection, and competition in the marketplace;

c. investigating and describing the types and purposes of taxation that are used by local, state, and federal governments to pay for services provided by the government;

d. analyzing how Congress can use fiscal policy to stabilize the economy; e. describing the effects of the Federal Reserve’s monetary policy on price

stability, employment, and the economy; and f. evaluating the trade-offs in government decisions.







Accounting I

77

Accounting II Banking and Financial Systems Economics Introduction to Business Personal Finance

Demonstrating Knowledge of Credit and Loan Functions

Task Number 029

Evaluate the various methods of financing a purchase.

Definition

Evaluating the various methods of financing a purchase (e.g., loan, installment plan, layaway, credit card) should include use of a decision-making model, as well as the following steps:

• Defining terms used to describe credit • Examining the opportunity cost of credit • Weighing risks involved in no-payment/no-interest financing • Explaining the types of credit (open- and closed-end, service credit, layaway plans,

secured and unsecured loans) • Describing sources of credit (retail stores, banks and credit unions, finance companies,

pawn shops, payday loans, title loans, private lenders) • Determining the best type and source of credit for sample purchases • Verifying the credibility of online lenders

Source: SCC Bureau of Financial Institutions


English

78

10.3 The student will apply knowledge of word origins, derivations, and figurative language to extend vocabulary development in authentic texts.

a. Use structural analysis of roots, affixes, synonyms, and antonyms, to understand complex words.

b. Use context, structure, and connotations to determine meanings of words and phrases.

c. Discriminate between connotative and denotative meanings and interpret the connotation.

d. Explain the meaning of common idioms. e. Explain the meaning of literary and classical allusions and figurative language

in text. f. Extend general and cross-curricular vocabulary through speaking, listening,

reading, and writing.








comprehension.


a. Use structural analysis of roots, affixes, synonyms, and antonyms to understand complex words.



79
















d. Explain the meaning of common idioms, and literary and classical allusions in text.

e. Extend general and cross-curricular vocabulary through speaking, listening, reading, and writing.

Mathematics


80





EPF.13 The student will demonstrate knowledge of credit and loan functions by

a. evaluating the various methods of financing a purchase; b. analyzing credit card features and their impact on personal financial planning; c. identifying qualifications needed to obtain credit; d. identifying basic provisions of credit and loan laws; e. comparing terms and conditions of various sources of consumer credit; f. identifying strategies for effective debt management, including sources of

assistance; g. explaining the need for a good credit rating; h. comparing the costs and conditions of secured and unsecured loans; and i. comparing the types of voluntary and involuntary bankruptcy and the

implications of each.


Accounting I Accounting II Banking and Financial Systems Business Calculations Business Math Introduction to Business

81

Personal Finance

Task Number 030

Analyze credit card features and their impact on personal financial planning.

Definition

Analysis should include the impact of features such as annual percentage rate (APR), annual fees, compound interest, penalty charges, credit line, promotional incentives, account disclosure statement, and minimum payments on personal financial planning. Analysis should also include calculating costs such as APR, annual fees, compound interest, and penalty charges.


English








comprehension.


82








Mathematics







a. evaluating the various methods of financing a purchase; b. analyzing credit card features and their impact on personal financial planning; c. identifying qualifications needed to obtain credit; d. identifying basic provisions of credit and loan laws;

83

e. comparing terms and conditions of various sources of consumer credit; f. identifying strategies for effective debt management, including sources of




Accounting I Accounting II Banking and Financial Systems Business Calculations Business Math Introduction to Business Personal Finance

Task Number 031

Identify qualifications needed to obtain credit.

Definition

Identification should include the following factors:

• Character, which refers to a borrower's history of paying obligations. • Capacity, which refers a borrower's ability to repay and is usually measured by current

income and level of outstanding debt. • Capital, which refers to savings and other assets one can use to repay. • Collateral, which refers to assets the borrower has that could be taken by the lender if the

borrower fails to repay.



84






Task Number 032

Identify basic provisions of credit and loan laws.

Definition

Identification should include a description of the basic laws to protect consumers from unfair credit practices and the standards that specify how consumers are to be treated (e.g., Consumer Credit Protection Act, Fair Credit Reporting Act, Fair Credit Billing Act, Equal Credit Opportunity Act, Fair Debt Collection Practices Act, and any recent legislation).



85





Accounting I Accounting II Banking and Financial Systems Business Calculations Business Law Business Math Introduction to Business Personal Finance

Task Number 033

Compare terms and conditions of various sources of consumer credit.

Definition


• defining the terms percentage rates, annual fees, transaction fees, risk-based lending, and finance charge

• identifying credit sources such as retailers, banks, credit unions, finance companies, payday loan services, title loan services, and pawnbrokers

86

• enumerating advantages and disadvantages of the various credit sources (e.g., risk-based lending).


English















comprehension.


87





















88








Task Number 034

Identify strategies for effective debt management, including sources of assistance.

Definition

Identification should include strategies such as

89

• maintaining a record-keeping system • avoiding penalties • using early payoff, if advantageous • ensuring against identity theft • avoiding debt problems (e.g., liens, foreclosures, garnishments, repossessions, evictions).

Identification should include sources of assistance such as

• guidelines distinguishing between legitimate credit denial vs. discrimination • the right to appeal a credit denial • laws that can protect consumers who have credit problems • ramifications of bankruptcy laws • telephone directory listings and Internet sites for credit counseling services and

commercial debt-adjustment firms that can help clients address credit problems, manage debt, and rebuild credit.







Accounting I Accounting II Banking and Financial Systems Business Calculations Business Law Business Math

90

Economics Introduction to Business Personal Finance

Task Number 035

Explain credit rating and credit report.

Definition

Explanation should consist of

• identifying the advantages of establishing credit • describing the way credit is rated (point system) and the contents of a credit report • identifying what information is included in a person’s credit record or history (e.g.,

income, payment records, employment record, other personal factors) • reviewing credit rating scores and describing their implications • describing the factors that make up a credit score • describing ways to build credit as an authorized user on an account • explaining how a customer’s credit rating affects eligibility for credit and employment • explaining how to access one’s personal credit record before applying for credit, or, if

denied credit, identifying reasons for a credit check • describing steps for correcting errors in one’s credit report.






91



Task Number 036

Compare the costs and conditions of secured and unsecured loans.

Definition

Comparison should include analysis of various types of loans (e.g., student, automobile, home equity) with regard to conditions and costs, such as

• annual percentage rates • finance charges • monthly payments • annual fees • transaction fees • installments or length of loan (time to repay).


English



92






comprehension.









Mathematics

A.1 The student will

a. represent verbal quantitative situations algebraically; and b. evaluate algebraic expressions for given replacement values of the variables.

A.9

93

The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions. AII.9 The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions.







Accounting I Accounting II Banking and Financial Systems Business Calculations Business Math Economics Introduction to Business Personal Finance

Task Number 037

94

Compare the types of voluntary and involuntary bankruptcy and the implications of each.

Definition


• the major causes of personal bankruptcy, such as small-business failure, impulse or emotional spending, failure to plan and budget, and illness/injury

• evaluation of the terms of voluntary and involuntary bankruptcy and the effect each has on an individual’s financial future

• explanation of the advantages and disadvantages of bankruptcy • assessment of the need for legal advice in bankruptcy cases • identification of bankruptcy laws and their implications for personal finance.


English








comprehension.



95














Accounting I Accounting II Banking and Financial Systems Business Law Introduction to Business Personal Finance

96

Task Number 038

Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.

Definition

Calculation should include using the simple interest formula (Interest = Principal x Rate x Time) and explaining how the amount of the principal, the period of the loan, and the interest rate affect the amount of interest charged.


Mathematics







a. evaluating the various methods of financing a purchase; b. analyzing credit card features and their impact on personal financial planning; c. identifying qualifications needed to obtain credit;

97

d. identifying basic provisions of credit and loan laws; e. comparing terms and conditions of various sources of consumer credit; f. identifying strategies for effective debt management, including sources of




Accounting I Accounting II Banking and Financial Systems Business Calculations Business Math Economics Introduction to Business Personal Finance

Task Number 039

Complete a sample credit application.

Definition

Completion of a credit application should include

• explaining the types of data required and the reasons they are required • supplying requested information regarding income, previous credit accounts, employment

record, and personal factors • presenting data legibly and accurately • explaining issues surrounding an application for credit (e.g., importance of

confidentiality, potential consequences of releasing personal data to a company).


98

English








comprehension.










Accounting I

99

Accounting II Banking and Financial Systems Business Calculations Business Financial Plan Business Math Business Plan Economics Introduction to Business Personal Finance

Demonstrating Knowledge of the Role of Insurance in Risk Management

Task Number 040

Evaluate insurance as a risk-management strategy.

Definition

Evaluation should include a definition of the term risk management, an explanation of the ways insurance can reduce financial risk, and an analysis of the pros and cons of insurance as a risk-management strategy in financial planning.


English


100







comprehension.










EPF.14 The student will demonstrate knowledge of the role of insurance in risk management by

a. evaluating insurance as a risk management strategy; b. distinguishing among the types, costs, and benefits of insurance coverage,

including automobile, life, property, health, and professional liability; and c. explaining the roles of insurance in financial planning.

101


Accounting I Accounting II Banking and Financial Systems Business Calculations Business Financial Plan Business Math Business Plan Economics Insurance and Risk Management Introduction to Business Personal Finance

Task Number 041

Distinguish among the types, costs, and benefits of automobile insurance coverage.

Definition

Distinguishing among the types, costs, and benefits of automobile insurance should consist of the basic types of coverage, to include

• collision • comprehensive • liability • personal injury protection • no-fault • uninsured/underinsured motorist • assigned risk.

102

It should also include comparing the costs and benefits of additional coverage and using a decision model to compare policies offered by different companies.


English








comprehension.









103












Accounting I Accounting II Banking and Financial Systems Business Calculations Business Financial Plan Business Math Business Plan Economics Insurance and Risk Management Introduction to Business

104

Personal Finance

Task Number 042

Distinguish among the types, costs, and benefits of life insurance.

Definition

Distinguishing among the major types, costs, and benefits of life insurance coverage should include

• an explanation of temporary insurance (term, decreasing term, level term, and credit life) • an explanation of permanent insurance (straight life, limited-pay, universal, and variable).



English








comprehension.

11.5

105

The student will read, interpret, analyze, and evaluate a variety of nonfiction texts including employment documents and technical writing.



















Accounting I

106

Accounting II Banking and Financial Systems Business Calculations Business Financial Plan Business Math Business Plan Economics Insurance and Risk Management Introduction to Business Personal Finance

Task Number 043

Distinguish among the types, costs, and benefits of property insurance.

Definition

Distinguishing among the types, costs, and benefits of property insurance coverage should include

• an explanation of the function of property coverage (i.e., protecting a person from losses due to damage, theft, and liability)

• a description of the wide variety of coverage available from basic to broad (e.g., basic coverage, broad form, special form, renter, comprehensive, condominium owner)

• an explanation of the purpose of insurance floaters (i.e., providing for personal property when value exceeds standard amounts)

• an explanation of the purpose of endorsements (i.e., providing extended coverage for disasters or events not covered in a basic insurance policy)

• an explanation of the disadvantages of under-insuring and over-insuring.


107


English








comprehension.










108












109

Task Number 044

Distinguish among the types, costs, and benefits of health insurance.

Definition

Distinguishing among the types, costs, and benefits of health insurance coverage should include an explanation of

• basic health insurance, which includes doctor visits and routine service, hospital, and surgical expenses

• major medical insurance, which protects a person from large and catastrophic expenses resulting from injury or illness

• dental insurance, which provides reimbursement for the expenses of dental services and supplies and encourages preventive dental care

• vision insurance, which is a part of many group health plans • disability insurance, which includes short-term and long-term income protection when

the insured is unable to work due to an injury or illness • the advantages and disadvantages of managed and unmanaged health insurance plans • the impact of the Affordable Care Act on types of coverage • the impact of the government-sponsored health care opportunities on the insurance

market.

It should also include using a decision model to compare policies offered by different companies.


English







110



















a. evaluating insurance as a risk management strategy;

111

b. distinguishing among the types, costs, and benefits of insurance coverage, including automobile, life, property, health, and professional liability; and

c. explaining the roles of insurance in financial planning.



Task Number 045

Explain the roles of insurance in financial planning.

Definition

Explanation should include the following insurance roles:

• Protection against the risk of financial loss due to disability, unemployment, long-term care, death, or other occurrences

• Provision for retirement income • Accumulation of savings (e.g., for family expenses) • Provision of cash value that can be borrowed

112

Explanation should also emphasize the need for periodic reviews of insurance coverage to reflect life changes.







Task Number 046

Distinguish among the types of professional liability insurance.

113

Definition

Distinguishing among the types of professional liability insurance should take into consideration a variety of professional fields (e.g., medicine, accounting, engineering, architecture, law, education) and associated liabilities (e.g., errors, omissions, malpractice, discrimination, other litigable offenses), with emphasis on the differences in insurance needs from one professional field to another.



Demonstrating Knowledge of Income Earning and Reporting

Task Number 047

114

Examine how personal choices about education, training, skill development, and careers impact earnings.

Definition

Examination should include local and national research on how education, training, skill development, and career choice affect personal earnings.


English








comprehension.






115




















116













EPF.15 The student will demonstrate knowledge of income earning and reporting by

a. examining how personal choices about education, training, skill development, and careers impact earnings;

b. differentiating among sources of income; c. calculating net pay; d. investigating employee benefits and incentives; and e. completing a standard W-4 form.


Economics Introduction to Business Job Interview

117

Personal Finance

Task Number 048

Differentiate among sources of income.

Definition

Differentiation should include salaries, hourly wages, overtime pay, tips, commissions, bonuses, and piece rate pay, as well as earned vs. unearned income.


English








comprehension.



documents, or an application for college admission. c. Analyze technical writing for clarity.

118

d. Paraphrase and synthesize ideas within and between texts. e. Draw conclusions and make inferences on explicit and implied information











Economics Introduction to Business Job Interview Personal Finance

Task Number 049

Calculate net pay.

Definition

Calculation of net pay should take into account gross pay, as well as voluntary and required deductions (e.g., FICA, state and federal taxes, insurance, savings).

119






Business Calculations Business Math Economics Introduction to Business Job Interview Personal Finance

Task Number 050

Investigate employee benefits and incentives.

Definition

Investigation should include benefits and incentives such as 401(k) and 403(b) retirement plans, other savings plans, parking, health insurance, child care, elder care, paid vacation, paid sick days, job sharing, flex time, and profit sharing.


English


120







comprehension.













121









Task Number 051

Complete standard federal employment tax forms.

Definition

Completion of standard forms should include

• use of the actual forms to determine options • legible and accurate recording of data, according to the instructions on the form.


English

10.5

122

The student will read, interpret, analyze, and evaluate nonfiction texts.







comprehension.

10.6 The student will write in a variety of forms to include persuasive, reflective, interpretive, and analytic with an emphasis on persuasion and analysis.




credible sources as support. h. Identify counterclaims and provide counter - arguments. i. Show relationships among claims, reasons, and evidence and include a

conclusion that follows logically from the information presented. j. Blend multiple forms of writing including embedding a narrative to produce

effective essays. k. Elaborate ideas clearly through word choice. l. Use textual evidence to compare and contrast multiple texts. m. Revise writing for clarity of content, accuracy, and depth of information. n. Write and revise to a standard acceptable both in the workplace and in


10.7

123

The student will self- and peer-edit writing for capitalization, punctuation, spelling, sentence structure, paragraphing, and Standard English.
















effective essays.

124

g. Revise writing for clarity of content, accuracy and depth of information. h. Write and revise to a standard acceptable both in the workplace and in


















125








GOVT.1













126






Demonstrating Knowledge of Taxes

Task Number 052

Describe the types and purposes of local, state, and federal taxes and the way each is levied and used.

Definition

Description should incorporate the basic types and purposes of taxes, including

• income • estate • excise • FICA • flat • gift • inheritance

127

• luxury • progressive • property • proportional • real estate • regressive • sales • Social Security

Description should also include the ways taxes are levied and the ways the resources are used by all levels of government (e.g., for local, state, and federal services, such as defense, education, transportation, public safety).


English








comprehension.



documents, or an application for college admission. c. Analyze technical writing for clarity. d. Paraphrase and synthesize ideas within and between texts.

128

e. Draw conclusions and make inferences on explicit and implied information using textual support.












GOVT.1









129





EPF.16 The student will demonstrate knowledge of taxes by

a. describing the types and purposes of local, state, and federal taxes and the way each is levied and used;

b. exploring how tax structures affect consumers, producers, and business owners differently;

c. computing local taxes on products and services; d. examining potential tax deductions and credits on a tax return; e. explaining the content and purpose of a standard W-2 form; and f. explaining the similarities and differences between state and federal taxation of

inheritances.


Accounting I Accounting II Economics Introduction to Business Job Interview Personal Finance

Task Number 053

Explore how tax structures affect consumers, producers, and business owners differently.

Definition

130

Exploration should include comparing tax structures (e.g., progressive, regressive, flat tax) and the effects of the different structures on consumers, producers, and business owners.



GOVT.1
















c. computing local taxes on products and services; d. examining potential tax deductions and credits on a tax return; e. explaining the content and purpose of a standard W-2 form; and

131

f. explaining the similarities and differences between state and federal taxation of inheritances.


Accounting I Accounting II Business Calculations Business Math Economics Introduction to Business Personal Finance

Task Number 054

Compute local taxes on products and services.

Definition

Computation should include calculation of sales tax on sample products such as groceries, prepared food, clothing, entertainment, lodging, automobiles, and on sample services.






inheritances.

132



Task Number 055

Examine potential tax deductions and credits on a tax return.

Definition

Examination should include an explanation of the difference between a tax deduction and a tax credit and should identify potential tax deductions and credits on a tax return. Examples of deductions may include local taxes paid, interest on student loans, and charitable contributions. Possible tax credits may include the costs of energy-saving vehicles or home improvements.






inheritances.

133



Task Number 056

Explain the content and purpose of a standard W-2 and 1099 form.

Definition

Explanation should include

• a review and explanation of each part of the Wage and Tax Statement (W-2) and 1099 forms

• an identification of items transferred to income tax forms.





c. computing local taxes on products and services; d. examining potential tax deductions and credits on a tax return; e. explaining the content and purpose of a standard W-2 form; and

134

f. explaining the similarities and differences between state and federal taxation of inheritances.



Task Number 057

Explain the similarities and differences between state and federal taxation of inheritances.

Definition

Explanation should distinguish between an inheritance tax and an estate tax. It should also include a comparison/contrast between current state and federal taxes that must be considered when planning an estate (e.g., estate taxes, inheritance taxes, death taxes, gift taxes, federal/state income taxes) and any deductions and exemptions that apply to such taxes.


English



b. Recognize an author’s intended audience and purpose for writing. c. Skim materials to develop an overview and locate information.

135

d. Compare and contrast informational texts for intent and content. e. Interpret and use data and information in maps, charts, graphs, timelines, tables,





comprehension.















136






inheritances.


Accounting I Accounting II Business Calculations Business Law Business Math Economics Introduction to Business Personal Finance

Task Number 058

Define the terminology associated with inheritance.

Definition

Definition should include terminology such as fiduciary, beneficiary, right of survivorship, will, intestate, executor/executrix, trust, joint tenancy, and probate.


137

Accounting I Accounting II Business Calculations Business Law Business Math Economics Introduction to Business Personal Finance

Task Number 059

Compare investment options for a monetary inheritance.

Definition

Comparison should include an examination of mutual funds, the stock market, CDs, IRAs, real estate, a trust, life insurance, and annuities.


English






questions, and generate new knowledge.

138



comprehension.















Mathematics

A.9 The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear and quadratic functions.

139

AII.9 The student will collect and analyze data, determine the equation of the curve of best fit in order to make predictions, and solve practical problems, using mathematical models of linear, quadratic, and exponential functions. MA.11 The student will use matrices to organize data and will add and subtract matrices, multiply matrices, multiply matrices by a scalar, and use matrices to solve systems of equations.


Accounting I Accounting II Banking and Financial Systems Business Calculations Business Law Business Math Economics Introduction to Business Personal Finance

Task Number 060

Examine types and purposes of estate planning.

Definition

Examination should include types of estate planning such as wills, trusts, and joint tenancy, as well as the following purposes of estate planning:

• To state how a person wants his or her estate distributed after death • To appoint the person who should distribute the estate • To record other information, such as one's wishes regarding care of minor children • To avoid probate, or to reduce taxes or other costs

140

Examination should also include other considerations regarding wills, including the ramifications of

• dying without a will • failing to keep a will current • revoking a will.


English








comprehension.

10.6 The student will write in a variety of forms to include persuasive, reflective, interpretive, and analytic with an emphasis on persuasion and analysis.




credible sources as support. h. Identify counterclaims and provide counter - arguments.

141

i. Show relationships among claims, reasons, and evidence and include a conclusion that follows logically from the information presented.

j. Blend multiple forms of writing including embedding a narrative to produce effective essays.

k. Elaborate ideas clearly through word choice. l. Use textual evidence to compare and contrast multiple texts. m. Revise writing for clarity of content, accuracy, and depth of information. n. Write and revise to a standard acceptable both in the workplace and in













142






effective essays. g. Revise writing for clarity of content, accuracy and depth of information. h. Write and revise to a standard acceptable both in the workplace and in












143














Accounting I Accounting II Banking and Financial Systems Business Law Economics Introduction to Business Personal Finance

144

Task Number 061

Complete a state income tax form, including electronic formats.

Definition

Completing a state income tax form should include both print and electronic formats. It should also include researching additional information, services, and helpful resources regarding preparation of state tax forms.


English








comprehension.




145




















146















GOVT.1






147








Accounting I Accounting II Banking and Financial Systems Business Law Economics Introduction to Business Personal Finance

Task Number 062

Complete short and itemized federal income tax forms, including electronic formats.

Definition

Completion should include entering data and calculating taxes on both short and itemized forms in print and electronic formats. It should also include researching additional information, services, and resources regarding preparation of federal tax returns.


148

English








comprehension.










149







GOVT.1













Accounting I Accounting II Banking and Financial Systems

150

Business Law Economics Introduction to Business Personal Finance

Demonstrating Knowledge of Personal Financial Planning

Task Number 063

Identify short-term and long-term personal financial goals.

Definition

Identification should include

• a definition of short-term financial goals, which require money beyond what is normally allowed by a budget (e.g., for emergencies, vacations, social events, major purchases, gifts, celebrations)

• a definition of long-term financial goals, which are usually anticipated major purchases that require saving (e.g., for home ownership, education, retirement, investments)

• a statement of personal short-term and long-term financial goals and ways to accomplish them.


EPF.17 The student will demonstrate knowledge of personal financial planning by

a. identifying short-term and long-term personal financial goals; b. identifying anticipated and unanticipated income and expenses; c. examining components and purposes of a personal net worth statement; d. developing a personal budget;

151

e. investigating the effects of government actions and economic conditions on personal financial planning; and

f. explaining how economics influences a personal financial plan.



Task Number 064

Identify anticipated and unanticipated income and expenses.

Definition

Identification should include sources of anticipated income, such as salary, allowance, wages, and educational grants or scholarships, and anticipated expenses, such as

• fixed expenses, which are constant and obligatory, such as monthly rent or a house payment

• variable expenses, which fluctuate according to changes in lifestyle, such as food and entertainment costs (e.g., video rentals, movies, sports activities, gym membership, books and music, Internet service).

Identification should also include unanticipated income (e.g., gifts, bonuses, inheritances, windfalls) and unanticipated expenses (e.g., car repairs, medical bills, replacement of losses from natural disasters or theft). A statement of the student’s current and anticipated expenses should be included.



a. identifying short-term and long-term personal financial goals; b. identifying anticipated and unanticipated income and expenses; c. examining components and purposes of a personal net worth statement; d. developing a personal budget;

152

e. investigating the effects of government actions and economic conditions on personal financial planning; and

f. explaining how economics influences a personal financial plan.



Task Number 065

Examine components and purposes of a personal net worth statement.

Definition


• definition of net worth statement and identification of its components (a statement showing one’s financial position, calculated as follows: assets − liabilities = net worth)

• discussion of the purposes of a net worth statement (usefulness as an analytical tool; usefulness to creditors, investors, lenders, financial advisers)

• identification of assets (e.g., checking and savings account balances, car value, personal property value)

• identification of liabilities (e.g., car loan, mortgage loan, bank loan, credit card balances).

Examination should also incorporate the concept of a personal property inventory, to include

• definition of personal property inventory (a list of all one’s personal property) • discussion of the purpose of a personal property inventory (usefulness in the event of fire,

theft, or property damage; a record of personal property value, useful in preparing a personal net worth statement)

• identification of components of a personal property inventory (digital photographs or videos of personal property, along with an electronic database inventory)

153

• description of safe storage of the inventory records.


English















comprehension.


154





















155









a. identifying short-term and long-term personal financial goals; b. identifying anticipated and unanticipated income and expenses; c. examining components and purposes of a personal net worth statement; d. developing a personal budget; e. investigating the effects of government actions and economic conditions on

personal financial planning; and f. explaining how economics influences a personal financial plan.


Business Calculations Business Law Business Math Economics Introduction to Business Personal Finance

Task Number 066

156

Develop a personal budget.

Definition

Development of a personal budget should include

• paying yourself first • writing a statement of short- and long-term financial goals • creating a plan for managing one’s money over a short period of time • outlining a long-term plan for managing money • creating an emergency fund.

Budget should allow for discretionary income (e.g., what is available after paying for essentials) and take into account the impact of cost-of-living increases and inflation.



Task Number 067

Investigate the effects of government actions and economic conditions on personal financial planning.

Definition

Investigation should include a description of the major roles of government:

• To provide services for citizens • To protect consumers, businesses, and workers • To regulate utilities while promoting competition • To provide information and assistance to businesses • To purchase goods and services • To hire and manage public employees • To raise revenue

It should also include the direct or indirect impact that these roles have on business expansion, consumer affairs, and economic growth in our economy and on personal financial planning (e.g.,

157

market influence, income tax, FICA, insurance, Social Security). Investigation should include the effects of supply and demand and other basic economic concepts on spending power, unemployment, and inflation/deflation and the potential impact of these economic factors on a personal financial plan. Investigation should include that government tax policies, including which expenses are tax-deductible, influence financial planning and that policies may shift over time.


English








comprehension.






158











GOVT.1











159


GOVT.9















160

Task Number 068

Explain how economics influences a personal financial plan.

Definition

Explanation should include

• describing how the key economics principles influence personal financial planning—i.e., that applying the principles affects the decisions made by individuals

• describing how changing economic conditions can influence a personal financial plan • describing how fiscal policy actions can affect an individual’s current and future income.



GOVT.1












GOVT.14

161

The student will apply social science skills to understand economic systems by

a. identifying the basic economic questions encountered by all economic systems; b. comparing the characteristics of traditional, free market, command, and mixed

economies, as described by Adam Smith and Karl Marx; and c. evaluating the impact of the government’s role in the economy on individual

economic freedoms.







Demonstrating Knowledge of Investment and Savings Planning

Task Number 069

Compare the impact of simple interest vs. compound interest on savings.

162

Definition

Comparison should include calculating simple interest for a given amount, and calculating compound interest for the same amount on a daily, monthly, quarterly, and annual basis. It should also include an explanation of the role of compound interest in building wealth, including the Rule of 72 and the time value of money.


Mathematics






EPF.18 The student will demonstrate knowledge of investment and savings planning by

a. comparing the impact of simple interest vs. compound interest on savings; b. comparing and contrasting investment and savings options; c. explaining costs and income sources for investments; d. examining the fundamental workings of Social Security and the system's

effects on retirement planning; e. contrasting alternative retirement plans; and f. describing how the stock market works.


Accounting I

163

Accounting II Business Calculations Business Math Economics Introduction to Business Personal Finance

Task Number 070

Compare investment and savings options.

Definition

Comparison should explain the concept of present value/future value as it applies to investment and savings options. It should also include the following characteristics of each option, as well as the risks vs. potential return of each option:

• Savings options (including regular savings accounts, certificates of deposit, and money market funds or accounts) are available from commercial banks, savings banks, savings and loan associations, credit unions, and brokerage firms securities.

• Investment options (including stocks and bonds, government savings bonds, treasury securities, mutual funds, real estate, trusts, annuities, and retirement plans) are available from commercial banks, brokerage firms, and employer-related systems.

In addition, comparison should address factors used to compare savings and/or investment options (i.e., risk, potential reward, convenience, liquidity).


English



b. Recognize an author’s intended audience and purpose for writing.

164

c. Skim materials to develop an overview and locate information. d. Compare and contrast informational texts for intent and content. e. Interpret and use data and information in maps, charts, graphs, timelines, tables,





comprehension.














165


Mathematics










Accounting I Accounting II Business Calculations Business Math

166


Task Number 071

Explain costs and income sources for investments.

Definition

Costs include finance charges, annual percentage rates, broker/investment advisor fees and commissions, mutual fund fees, transaction fees, and market losses. Income sources for investments could include savings, gifts, inheritances, and market gains.






Accounting I Accounting II Banking and Financial Systems Business Calculations Business Math Economics

167

Introduction to Business Personal Finance Securities and Investments

Task Number 072

Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.

Definition


• the purpose of Social Security • factors affecting benefits (amount of contributions made to the system, age of recipient) • types of benefits (“old parent benefit,” disability, survivor, retirement, hospital, and

medical).

Examination should consider Social Security’s effects on retirement planning, to include a determination of

• which jobs provide Social Security benefits, which jobs require payment into the system when income tax is paid, and which jobs do not have Social Security benefits

• when retirement will occur and whether there is an interim period that is not covered by Social Security

• what potential benefits may be received and whether the recipient’s lifestyle will require a supplemental retirement plan.


English



b. Recognize an author’s intended audience and purpose for writing. c. Skim materials to develop an overview and locate information. d. Compare and contrast informational texts for intent and content.

168

e. Interpret and use data and information in maps, charts, graphs, timelines, tables, and diagrams.

f. Draw conclusions and make inferences on explicit and implied information using textual support as evidence.




comprehension.















169


GOVT.1

















Economics Introduction to Business

170

Personal Finance

Task Number 073

Contrast alternative retirement plans.

Definition

Contrast should explain the costs, advantages, and disadvantages of retirement plan options including the following:

• Individual retirement account (traditional, Roth IRA) • Tax-sheltered annuity (TSA) • Keogh plan • Annuity • Employer retirement plan (e.g., 401[k]) • Public pension plan(e.g., 403[b])


English








comprehension.

171















Mathematics




172







Task Number 074

Explore how the stock and bond markets work.

Definition

Exploration should include planning, investing in, and evaluating investment choices, using a teacher-provided or teacher-recommended market simulation. Exploration should also address

• how and why stocks and bonds are issued • why investors buy stocks • how social, physical, and economic factors impact stock prices • regulation of the market through the SEC.


English


173







comprehension.













174



















175











Economics Introduction to Business Personal Finance Securities and Investments

Financing Education after High School

Task Number 075

176

Identify sources of financial aid.

Definition


• federal government • state of residence • the college a student wants to attend • nonprofit or private organizations.



Task Number 076

Examine types of student loans.

Definition


• subsidized vs. unsubsidized loans • Stafford: federal loan, can be subsidized or unsubsidized • Perkins: low-interest federal loan; administered by the school; intended for students with

exceptional financial need • PLUS: loan taken out by a student’s parents or guardian to cover expenses not met by

other types of federal financial aid • Institutional: non-federal aid provided by schools • Private or state: non-federal aid that helps students who are ineligible for federal aid or

need further financial assistance

Examination should also include using the Free Application for Federal Student Aid to determine eligibility for loans and to determine whether you qualify for other aid (e.g., state, school).

https://studentaid.ed.gov/fafsa

177



Task Number 077

Explain the repayment process for student loans.

Definition

Explanation should include the following:

• Understanding that these loans cannot be canceled • Understanding that loans can be consolidated into one loan with a single interest rate and

repayment plan • Understanding that most loans have a grace period before you must begin repayment • Understanding that loan payments begin after you leave college or drop below half-time

enrollment • Understanding that repayment of PLUS loans begins with disbursement of the funds • Understanding that the repayment amount is based on the

o type of loan o amount borrowed o interest rate o repayment plan

• Understanding the options for borrowers when they cannot pay (e.g., deferment, forbearance, loan consolidation)

• Understanding that certain situations may result in cancellation, discharge, or forgiveness of a loan


Banking and Financial Systems Economics Introduction to Business

178

Personal Finance

Task Number 078

Describe types of student grants.

Definition

Description should state that federal grants are awarded to students based on need and exceptional circumstances, do not need to be repaid, and include

• Pell: up to $5,500 annual limit • TEACH: comes with commitment to teach in a high-need field • military service: awarded to students of a parent who died during military service.



Task Number 079

Describe types of scholarships.

Definition


• defining the term scholarship (money awarded to students based on academic or other achievements to help pay for education expenses. Scholarships generally do not have to be repaid.)

• defining the two primary types: o Community: sponsored by local and national businesses, community

organizations, and professional groups o School: offered by high schools and colleges

179

• identifying sources of information on scholarships (e.g., school counselor, the college you plan to attend, federal scholarship search)



Task Number 080

Describe investment options to pay for college costs.

Definition

Description should include 529 plans (i.e., prepaid tuition and college savings, direct-sold and broker-sold), a comparison of the types of 529 plans and their benefits, eligibility requirements, and the tax implications of each.



Task Number 081

Identify ways to make the cost of postsecondary education affordable.

Definition

180


• setting a budget for postsecondary education • researching all schools that may meet a student’s academic and financial needs • attending a two-year institution, then transferring to a four-year institution • identifying courses in high school that can be used to “test out” of college-level courses • seeking tuition discounts (e.g., parent went to the school, another sibling attends the same

school) • reducing housing costs • working part time to pay for school • buying used books or renting books • identifying tax credits.



Preparing for Industry Certification

Task Number 082

Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.

Definition

The description should include a list of industry certifications related to the Economics and Personal Finance course and the process/requirements for obtaining the certifications from

• official Web sites of the testing organization/vendor

181

• materials from publishers that have developed practice materials and tests based on information from the testing organization/vendor

• information from certified instructors or industry-certified professionals • information from the Virginia Department of Education’s Administrative Planning

Guide • information in the “Introduction/Course Description” section of this document.


Job Interview

Task Number 083

Identify testing skills/strategies for a certification examination.

Definition

The identification of testing skills and strategies should be undertaken by

• conducting an Internet research project • reviewing materials from publishers • interviewing certified instructors and/or industry-certified professionals.


Job Interview

Task Number 084

Demonstrate the ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).

Definition

http://www.cteresource.org/apg/courses/6120/economics-and-personal-finance


182

The demonstration should include obtaining and successfully completing practice examinations for selected certifications related to the course obtained from vendor sites and/or materials from publishers.


Job Interview

Task Number 085

Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).

Definition

The successful completion of an industry certification examination will be achieved when the student applicant earns an examination score deemed “passing” by the testing organization. Qualifying examinations are those currently approved at the state level as representative of Economics and Personal Finance skills. (These may be found in the Virginia Department of Education’s Administrative Planning Guide.)

Students should be encouraged to attain industry certification as evidence of their computer application skill level and general employability.

Developing Career Exploration and Employability Skills

Task Number 086

Investigate career opportunities.

Definition


183

Investigation should incorporate research in a variety of career options, including domestic, military, and international careers. Investigation should also include the components of a career plan, such as training, education, experience, skills needed, certification/licensure requirements, income, continuing education opportunities, and current trends for each career option. Many Web sites offer career exploration resources, including the Virginia Department of Education’s Career Planning Guide.


English








comprehension.







http://www.cteresource.org/cpg/search/course.html?code=6120

184




















185












Electronic Career Portfolio Job Interview

Task Number 087

Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.

Definition


• conducting a self-inventory of interests, aptitudes, and attitudes • using a credible personality model (e.g., Myers-Briggs typological approach) • matching personality traits to those sought by employers.

http://www.myersbriggs.org/

186

[Note to teacher: See personality inventories at http://www.kisa.ca/personality, http://www.bbc.co.uk/science/humanbody/mind/surveys/whatamilike/index.shtml, and http://www.humanmetrics.com/cgi-win/JTypes2.asp.]



Task Number 088

Prepare a professional portfolio.

Definition

Preparation involves writing and gathering materials that may include

• an introduction, listing the contents of the portfolio and summarizing the student's experience

• a career development package, including résumé, letters of recommendation, college or employment application, letter of application

• work samples demonstrating the student's skills • documentation of the student’s practical or work experience



Task Number 089

Research a company in preparation for a job interview.

Definition

Research should include locating Web resources on a company (e.g., news articles, annual reports, company home page) and studying information that may aid in preparation for the job interview.

http://www.kisa.ca/personality

http://www.bbc.co.uk/science/humanbody/mind/surveys/whatamilike/index.shtml

http://www.humanmetrics.com/cgi-win/JTypes2.asp

187


English








comprehension.










188





















189










Task Number 090

Participate in mock interviews to refine interviewing techniques.

Definition

Participation should include playing a variety of roles to illustrate interview behaviors both desirable (e.g., maintaining eye contact, asking informed questions) and undesirable (e.g., speaking too softly, failing to answer questions completely).


D. J. Howard/Walker/Shell/Campbell/VBEA Scholarship/S.L.T. Award of Excellence Future Business Leader Job Interview

190

L. Marguerite Crumley/Frank Manning Peele Foundation's Sarah Lowe Thompson Scholarships

Task Number 091

Prepare employment-related correspondence.

Definition

Preparation of employment-related correspondence should include letters for applying for a position, accepting a position, applying for a promotion, withdrawing from employment consideration, and resigning from a position.


Business Procedures Future Business Leader Job Interview

SOL Correlation by Task 001 Examine basic economic concepts and their

relation to product prices and consumer spending.

History and Social Science: GOVT.1

Mathematics: A.9, AII.9 002 Examine the effect of supply and demand on

wages and prices. History and Social Science: GOVT.1

003 Describe the steps for making a purchase decision.

English: 10.5, 11.5, 12.5

Mathematics: A.7, A.9, AII.9 004 Describe common types of contracts and the

implications of each. English: 10.5, 10.6, 10.7, 11.5, 11.6, 11.7, 12.5, 12.6, 12.7

History and Social Science: GOVT.1 005 Demonstrate comparison-shopping skills. English: 10.5, 11.5, 12.5 006 Maintain a filing system for personal financial

records.

191

007 Examine the impact of advertising and marketing on consumer demand and decision making in the global marketplace.


008 Access reliable financial information from a variety of sources.

English: 10.5, 11.5, 12.5

009 Explain consumer rights, responsibilities, remedies, and the importance of consumer vigilance.

English: 10.5, 11.5, 12.5

History and Social Science: GOVT.1, GOVT.9

010 Examine precautions for protecting identity and other personal information.

English: 10.5, 10.8, 11.5, 11.8, 12.5, 12.8

011 Interact effectively with salespersons and merchants.


012 Describe consumer protection regulations. English: 10.5, 11.5, 12.5


013 Describe the role of consumer assistance agencies.


014 Compare the costs and benefits of purchasing vs. leasing a vehicle.

English: 10.5, 10.8, 11.5, 11.8, 12.5, 12.8

015 Compare the advantages and disadvantages of renting vs. purchasing a home.

English: 10.5, 11.5, 12.5

Mathematics: A.4, A.9, AII.9 016 Describe the process of renting housing. English: 10.5, 11.5, 12.5 017 Describe the process of purchasing a home.

018 Calculate the cost of utilities, services, maintenance, and other housing expenses involved in independent living.

Mathematics: A.7

019 Evaluate discretionary spending decisions.

020 Describe the types of financial institutions. English: 10.8, 11.8, 12.8 021 Examine how financial institutions affect

personal financial planning. English: 10.5, 11.5, 12.5

022 Evaluate services and related costs associated with personal banking.

English: 10.5, 11.5

Mathematics: A.9, AII.9 023 Differentiate among types and regulations of

electronic monetary transactions. English: 10.5, 11.5, 12.5

024 Prepare all forms necessary for opening and maintaining a checking and a savings account.

025 Reconcile bank statements.

026 Compare costs and benefits of online, mobile, and traditional banking.

English: 10.5, 11.5, 12.5

027 Explain how certain historical events have influenced the banking system and other financial institutions.

History and Social Science: GOVT.1, GOVT.9, VUS.3, VUS.4, VUS.5,

192

VUS.6, VUS.10, VUS.11, VUS.12, VUS.13, VUS.14

028 Compare the U.S. monetary system with the international monetary system.

English: 10.5, 11.5, 12.5

History and Social Science: GOVT.15 029 Evaluate the various methods of financing a

purchase. English: 10.3, 10.5, 11.3, 11.5, 12.3

Mathematics: A.4, A.9, AII.9 030 Analyze credit card features and their impact

on personal financial planning. English: 10.5, 11.5

Mathematics: A.4, A.9, AII.9 031 Identify qualifications needed to obtain credit.

032 Identify basic provisions of credit and loan laws.

033 Compare terms and conditions of various sources of consumer credit.

English: 10.3, 10.5, 11.3, 11.5, 12.3

034 Identify strategies for effective debt management, including sources of assistance.

035 Explain credit rating and credit report.

036 Compare the costs and conditions of secured and unsecured loans.

English: 10.5, 11.5

Mathematics: A.1, A.9, AII.9 037 Compare the types of voluntary and

involuntary bankruptcy and the implications of each.

English: 10.5, 11.5

038 Calculate payment schedules for a loan, using spreadsheets, calculators, and/or online tools.

Mathematics: A.4, A.9, AII.9

039 Complete a sample credit application. English: 10.5, 11.5 040 Evaluate insurance as a risk-management

strategy. English: 10.5, 11.5

041 Distinguish among the types, costs, and benefits of automobile insurance coverage.

English: 10.5, 11.5, 12.5

042 Distinguish among the types, costs, and benefits of life insurance.

English: 10.5, 11.5, 12.5

043 Distinguish among the types, costs, and benefits of property insurance.

English: 10.5, 11.5, 12.5

044 Distinguish among the types, costs, and benefits of health insurance.

English: 10.5, 11.5, 12.5

045 Explain the roles of insurance in financial planning.

046 Distinguish among the types of professional liability insurance.

047 Examine how personal choices about education, training, skill development, and careers impact earnings.

English: 10.5, 10.8, 11.5, 11.8, 12.5, 12.8

048 Differentiate among sources of income. English: 10.5, 11.5

193

049 Calculate net pay.

050 Investigate employee benefits and incentives. English: 10.5, 11.5, 12.5 051 Complete standard federal employment tax

forms. English: 10.5, 10.6, 10.7, 11.5, 11.6, 11.7, 12.5, 12.6, 12.7

History and Social Science: GOVT.1 052 Describe the types and purposes of local, state,

and federal taxes and the way each is levied and used.

English: 10.5, 11.5, 12.5

History and Social Science: GOVT.1 053 Explore how tax structures affect consumers,

producers, and business owners differently. History and Social Science: GOVT.1

054 Compute local taxes on products and services.

055 Examine potential tax deductions and credits on a tax return.

056 Explain the content and purpose of a standard W-2 and 1099 form.

057 Explain the similarities and differences between state and federal taxation of inheritances.

English: 10.5, 11.5, 12.5

058 Define the terminology associated with inheritance.

059 Compare investment options for a monetary inheritance.

English: 10.5, 11.5, 12.5

Mathematics: A.9, AII.9, MA.11 060 Examine types and purposes of estate

planning. English: 10.5, 10.6, 10.7, 11.5, 11.6, 11.7, 12.5, 12.6, 12.7

061 Complete a state income tax form, including electronic formats.

English: 10.5, 10.8, 11.5, 11.8, 12.5, 12.8

History and Social Science: GOVT.1 062 Complete short and itemized federal income

tax forms, including electronic formats. English: 10.5, 11.5, 12.5

History and Social Science: GOVT.1 063 Identify short-term and long-term personal

financial goals.

064 Identify anticipated and unanticipated income and expenses.

065 Examine components and purposes of a personal net worth statement.

English: 10.3, 10.5, 11.3, 11.5, 12.3, 12.5

066 Develop a personal budget.

067 Investigate the effects of government actions and economic conditions on personal financial planning.

English: 10.5, 11.5, 12.5


068 Explain how economics influences a personal financial plan.


194

069 Compare the impact of simple interest vs. compound interest on savings.

Mathematics: A.4, A.9, AII.9

070 Compare investment and savings options. English: 10.5, 11.5, 12.5

Mathematics: A.4, A.9, AII.9 071 Explain costs and income sources for

investments.

072 Examine the fundamental workings of the Social Security System and the system’s effects on retirement planning.

English: 10.5, 11.5, 12.5

History and Social Science: GOVT.1 073 Contrast alternative retirement plans. English: 10.5, 11.5, 12.5

Mathematics: A.4 074 Explore how the stock and bond markets work. English: 10.5, 10.8, 11.5, 11.8, 12.5,

12.8 075 Identify sources of financial aid.

076 Examine types of student loans.

077 Explain the repayment process for student loans.

078 Describe types of student grants.

079 Describe types of scholarships.

080 Describe investment options to pay for college costs.

081 Identify ways to make the cost of postsecondary education affordable.

082 Describe the process and requirements for obtaining industry certifications related to the Economics and Personal Finance course.

083 Identify testing skills/strategies for a certification examination.

084 Demonstrate the ability to successfully complete selected practice examinations (e.g., practice questions similar to those on certification exams).

085 Successfully complete an industry certification examination representative of skills learned in this course (e.g., W!SE Financial Literacy Examination).

086 Investigate career opportunities. English: 10.5, 10.8, 11.5, 11.8, 12.5, 12.8

087 Identify personal interests, aptitudes, and attitudes related to the characteristics found in successful workers.

088 Prepare a professional portfolio.

089 Research a company in preparation for a job interview.

English: 10.5, 10.8, 11.5, 11.8, 12.5, 12.8

195

090 Participate in mock interviews to refine interviewing techniques.

091 Prepare employment-related correspondence.

Instructional Scenarios Insuring Your Future

Duty/Concept Area Demonstrating Knowledge of the Role of Insurance in Risk Management Scenario Congratulations. You have been hired for your first full-time job, which will enable you to become financially independent. It’s time to consider insurance options that can help you reduce personal financial risk as well as contribute to your long-term financial security. Your employer offers several health and dental insurance plans, as well as short-term and long-term disability insurance, and life insurance coverage. The employer covers a portion of the health insurance costs and provides a basic life insurance policy—as long as you're employed at the company. However, the disability insurance and more extensive life insurance coverage comes with an additional cost to you. You realize that insurance can be a valuable asset and a security net, but you’re really not sure how to get started with the decision process. Big Question How do you evaluate the benefits and costs of insurance options? Focused Questions

1. What is the difference between short-term and long-term disability insurance? 2. What are the pros and cons of choosing a medical insurance plan with a high deductible? 3. What are the differences among term, whole, and universal life insurance? 4. How can an annuity life insurance program be used in retirement planning? 5. If you leave your employer, can a life insurance policy be converted to an individual

policy? Explain. 6. What are the advantages of acquiring insurance at an early age? 7. What is the role of a personal financial planner vs. an insurance agent?

Project-Based Assessment

• Have students create a table comparing the primary benefits and requirements of term, whole, and universal life insurance.

• Have students develop a written report summarizing key points shared by a guest speaker (e.g., financial planner, insurance agent)

• Have students estimate retirement income needs using an online calculator.

Resources

196

• Insurance information Institute (see Life Stages) http://www.iii.org

• The Financial Planning Association http://www.fpaforfinancialplanning.org/docs/assets/2-16-07insurance1.pdf

• About: Personal insurance http://personalinsure.about.com/od/life/a/life101.htm

• Virginia State Corporation Commission Bureau of Insurance http://www.scc.virginia.gov/division/boi

• Virginia State Corporation Commission (consumer publications) http://www.scc.virginia.gov/division/boi/webpages/boipublications.htm#ltcinsurance


• English: 10.4, 11.4, 12.4 • Mathematics: A.4

Turning an Inheritance into an Investment

Duty/Concept Area Demonstrating Knowledge of Taxes Scenario Your favorite aunt, age 89, passed away six weeks ago. Her husband predeceased her, and they had no children. Because you were always close to your aunt and spent time with her up until her death, you're not too surprised when a letter arrives from your aunt’s attorney informing you that you are named in her will. Knowing that your aunt had relatively modest means, you are amazed to learn that a check for $50,000 will be sent to you within a few weeks. You've never received a cash inheritance, and although it's tempting to think about a big vacation or a new car, you begin to think about how best to put the money to work for your future financial security. Big Question What are the financial implications of an inheritance? Focused Questions

1. At what dollar level do inheritance taxes become applicable? 2. How do federal and state laws apply to inheritances? 3. If you wish to earn a maximum return and do not plan to use the money until you retire,

what are some wise investment options? 4. If you wish to invest the money short-term, and then use a portion of it for a down

payment on a house, for example, what are some wise investment options? 5. When investing your inheritance, why should you consider future tax implications? 6. Why is it important to have a will and keep it up to date?

http://www.iii.org/

http://www.iii.org/

http://www.fpaforfinancialplanning.org/docs/assets/2-16-07insurance1.pdf

http://www.fpaforfinancialplanning.org/docs/assets/2-16-07insurance1.pdf

http://personalinsure.about.com/od/life/a/life101.htm

http://personalinsure.about.com/od/life/a/life101.htm

http://www.scc.virginia.gov/division/boi

http://www.scc.virginia.gov/division/boi

http://www.scc.virginia.gov/division/boi/webpages/boipublications.htm#ltcinsurance

http://www.scc.virginia.gov/division/boi/webpages/boipublications.htm#ltcinsurance

197

7. How can you set up a will and manage your financial affairs to avoid the probate process for your heirs?


• Have students create a table listing five principal investment options (e.g., mutual funds, stocks, CDs, IRAs, real estate, life insurance, annuities) and the pros and cons of each.

• Have students prepare a research report or presentation summarizing Virginia laws governing wills: Students should summarize findings in a written report or presentation.

• Have students prepare a research report or presentation about holistic wills and create a basic handwritten will, including all legally required components.

• Have students write a summary report on an online service for will creation, including services offered and fees charged.

• Have students prepare a summary of an interview with a local clerk of court regarding his or her job responsibilities with regard to wills and probate.

Resources

• IRS: Estate and Gift Tax http://www.irs.gov/businesses/small/article/0,,id=98968,00.html

• Virginia Department of Taxation (probate) http://www.tax.virginia.gov/site.cfm?alias=Probate

• Virginia Department of Taxation (estate) http://www.tax.virginia.gov/site.cfm?alias=Estate

• Virginia Estate Law (commercial site) http://www.virginiaestatelaw.com

• Legal Zoom www.legalzoom.com

• FindLaw for the Public http://estate.findlaw.com/estate-planning/wills/wills-legal.html


• English: 10.4, 11.4, 12.4 • Mathematics: A.4

Saving for a Sunny Retirement

Duty/Concept Area Demonstrating Knowledge of Investment and Savings Planning Scenario Albert Einstein once said that the Rule of 72 governing compound interest is the greatest mathematical discovery of all time. His point was that when modest savings start at an early age,

http://www.irs.gov/businesses/small/article/0,,id=98968,00.html

http://www.irs.gov/businesses/small/article/0,,id=98968,00.html

http://www.tax.virginia.gov/site.cfm?alias=Probate

http://www.tax.virginia.gov/site.cfm?alias=Probate

http://www.tax.virginia.gov/site.cfm?alias=Estate

http://www.tax.virginia.gov/site.cfm?alias=Estate

http://www.virginiaestatelaw.com/

http://www.virginiaestatelaw.com/

http://www.legalzoom.com/

http://www.legalzoom.com/

http://estate.findlaw.com/estate-planning/wills/wills-legal.html

http://estate.findlaw.com/estate-planning/wills/wills-legal.html

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interest compounds over time, resulting in an amazingly large sum of money at retirement age. Once you start working and earning money on a regular basis, you will want to pay closer attention to Einstein’s observation. He was a genius, after all. Let’s say your first job provides you with a take-home pay of $1,200 per month, and you’ve decided to investigate the best ways to save and invest a portion of your salary. How will you get started paying yourself? Big Question What are the financial benefits of starting an investment and savings plan as soon as you become employed? Focused Questions

1. What is the Rule of 72? 2. What percentage of your $1,200 monthly income should you devote to savings and

investments? As you age, how should that contribution change? 3. What are tax-deferred savings accounts, and how can you take advantage of these

options? 4. How can an investor purchase stock in a public company? 5. What is e-trading, and how much expertise does stock trading require? 6. What are company stock options? 7. What is a mutual fund?


• Have students use the Rule of 72 to estimate an investment’s doubling time using a simple monetary amount and the current rate of interest. Then have them prepare a written report that shows their calculations and discusses their findings.

• Have students work in teams to prepare a class presentation on a favorite public company (e.g., Apple Computer, McDonald's, Barnes and Noble). Note the 52-week high and low and current stock trading price. In their presentations, students should make a case as to whether the stock is or is not a good investment.

• Have students identify two other investment options (e.g., real estate, life insurance, art, antiques, classic automobile) and a write a description comparing their opportunities and risks.

Resources

• Employee Stock Options http://cgi.money.cnn.com/tools/stockoptions/stockoptions_101.html

• Learn about Mutual Funds http://biz.yahoo.com/edu/ed_fund.html

http://cgi.money.cnn.com/tools/stockoptions/stockoptions_101.html

http://cgi.money.cnn.com/tools/stockoptions/stockoptions_101.html

http://biz.yahoo.com/edu/ed_fund.html

http://biz.yahoo.com/edu/ed_fund.html

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• The Financial Planning Association http://www.fpaforfinancialplanning.org/ToolsResources/ TipoftheWeek/TipstoProtectandBuildYourSavings/

• The Rule of 72 http://www.investopedia.com/ask/answers/04/040104.asp


• English: 10.4, 11.4, 12.4 • Mathematics: A.1, A.4, A.5, DM.10

Teacher Resources • Virginia Department of Education: Economics and Personal Finance, Resources • EverFi: EverFi focuses on critical skills that life demands. EverFi’s web-based resources

are offered to Virginia schools at no cost through corporations, family foundations, and organizations. Topics include personal finance. www.everfi.com/everfi

• State Corporation Commission Bureau of Insurance: Information for consumers, producers, and companies, including research, guides, and shopping tips. www.scc.virginia.gov/boi/index.aspx

• State Corporation Commission Bureau of Financial Institutions: Information for consumers about financial institutions and whether they are properly licensed. www.scc.virginia.gov/bfi/index.aspx

• State Corporation Commission Division of Securities & Retail Financing: Responsible for regulation of securities, broker/dealers, broker/dealer agents, and investment advisers. Includes investor education links. www.scc.virginia.gov/srf/index.aspx

• Next Gen Personal Finance: Free lesson guides featuring text and video resources; created and shared by teachers. http://nextgenpersonalfinance.org/

• Teaching Money Virginia: Database of educational resources for economics and personal finance; can be searched by EPF SOL, lesson plan, speaker, classroom extension, or keyword. http://teachingmoneyva.org/

• EconEdLink: Internet-based economics and personal finance lessons for K-12 teachers and students. www.econedlink.org/

• Junior Achievement of Central Virginia: JA brings quality volunteers from the community into your classroom to deliver proven, hands-on programming on financial literacy, work readiness, and entrepreneurship. www.JAtoday.org

Entrepreneurship Infusion Units Entrepreneurship Infusion Units may be used to help students achieve additional, focused competencies and enhance the validated tasks/competencies related to identifying and starting a new business venture. Because the unit is a complement to certain designated courses and is not mandatory, all tasks/competencies are marked “optional.”

http://www.fpaforfinancialplanning.org/ToolsResources/TipoftheWeek/TipstoProtectandBuildYourSavings/



http://www.investopedia.com/ask/answers/04/040104.asp

http://www.investopedia.com/ask/answers/04/040104.asp

http://www.doe.virginia.gov/instruction/economics_personal_finance/resources/index.shtml

http://www.everfi.com/everfi

http://www.scc.virginia.gov/boi/index.aspx

http://www.scc.virginia.gov/bfi/index.aspx

http://www.scc.virginia.gov/srf/index.aspx

http://nextgenpersonalfinance.org/

http://teachingmoneyva.org/

http://www.econedlink.org/

http://www.jatoday.org/

http://cteresource.org/verso/courses/ENIU/entrepreneurship-infusion-units-description

Documents

Personal Finance - Virginia's CTE Resource Center · 2020. 6. 29. · 3 . Template material omitted: General material used to introduce the task list has been omitted. For the indicated